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Great Information About Real Estate

By Jenny Fisher

When asked if you need a real estate sale, you might think this is a silly question. But there are many people who are in need of a short sale. This is one alternative to the foreclosure process. As you know foreclosure can have some devastating consequences on your financial future.

Many people have lost their homes to foreclosure or are about to have their homes foreclosed on. Foreclosure happens when the bank takes the property from the person who took out a loan or mortgage on his or her home because the loan payments were not made. In most cases banks can foreclose on land if the loan holder is three months behind on the loan payments.

In some states, the bank can legally start the process of foreclosure if one payment is missed. One way to avoid foreclosure is to be approved for a short sale. If essence the short sale is where the lender allows the house to be sold for less than the amount of money that is owned on the loan. This is why it is called a short sale.

Why would the lender agree to accept less for the property than what is owed on the house? There are many reasons, some that would appear to make sense and some that would not seem to make sense. But no matter the reason, the only way a bank will agree to a short sale is if the lender thinks that the deal is in their best interest.

These days banks have a huge inventory of foreclosures. They have too many properties on their books and they are losing money on these houses. The banks receive no rent money on foreclosed land and they have to spend money to keep the properties in good shape. Many cities require banks to pay for gardening services so the houses do not become an eyesore.

Many vacant properties are at risk for vandalism. Homeless people target vacant homes and live in them until removed by local authorities. So the bank might consider a short sale if it does not want another foreclosure on its list. The home owner needs however, to apply in the proper way for the short sale; it is not granted automatically.

The home owner must submit all the proper forms and documents including a hardship letter and all verifying financial records. There are many professional real estate short sale experts that will help the home owner with this process.

The home owner, contrary to popular opinion, does not have to be behind on the house payment in order to apply. He or she can request a short sale at any time.

The benefits to a short sale for the borrower are many. But one advantage is that it extends the foreclosure process. Once the short sale is applied for, the bank will take time to decide whether or not to allow it. In the mean time the borrower can remain in the home.

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Article Citation
MLA Style Citation:
Fisher, Jenny "Great Information About Real Estate." Great Information About Real Estate. 12 Jul. 2010. 26 Jun 2015 <>.

APA Style Citation:
Fisher, J (2010, July 12). Great Information About Real Estate. Retrieved June 26, 2015, from

Chicago Style Citation:
Fisher, Jenny "Great Information About Real Estate"

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